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  • IRAs and Retirement Plans are quirky. Planning for them involves Federal income tax law, Federal estate tax law, Federal ERISA law, and Florida asset protection law and inheritance law. Let Your Caring Law Firm help you design a stand-alone revocable trust, funded at your death with your retirement assets, to maximize the benefits under all of these sometimes conflicting laws. Compared to your regular revocable living trust, the IRA inheritance trust is more of a race car than a minivan. It only fits your retirement plan assets—it does not comfortably fit you, your loved ones, your assets, your pets and your baggage—but it does fit your retirement plan assets very, very well.

    Most often, people who inherit retirement plans cash the plan out, pay income tax on the funds received, and buy a car or a kitchen or a pool with the remaining funds. You can avoid this frittering of your wealth.

    The IRA trust creates separate sub-trusts for each of your loved ones, allowing for "stretch-out" under IRS rules. Your beneficiary designation form names the sub-trusts of your IRA trust as the beneficiary of your retirement plan. Each sub-trust is counted as a designated beneficiary, so each individual beneficiary's life expectancy determines the required minimum distributions. The assets remaining in trust continue to be considered IRA assets by the IRS. This means that earnings grow tax deferred income tax is paid only when the funds are withdrawn. The trust terms' -- written by you -- dictate the distribution of funds to beneficiaries, offering control to you and asset protection to your loved ones. Our professional attorneys will counsel you to determine if this trust is right for you.

        Revocable Living Trust
        Irrevocable Life Insurance Trust
        Special Needs Trust
        Medicaid Asset Protection Trust
        Qualified Income Trust (Miller Trust)
        IRA Trust
        Preneed Guardian
        Health Care Surrogate
        Durable Power of Attorney
        Will
        Living Will
        Do-Not-Resuscitate Orders
        Charitable Trusts
     

    Your Caring Law Firm
    610 S. Maitland Ave.  Maitland, FL 32751
    (407) 622-1900

    Monday through Friday
    8:30 a.m. to 5:00 p.m.